Sam Bankman-Fried, founder of bankrupt crypto exchange FTX and bankrupt hedge fund Alameda Research, is back on the stand in his fraud trial today. This time, though, he's being questioned by prosecutors.
Things started slowly, so after lunch prosecutors tried to liven up the proceedings with questions about SBF's hair (really) and his use of private jets. But then we returned to more substantive issues:
Bankman-Fried acknowledges that Alameda was the only customer of FTX that had a $65 billion credit line. The second-largest credit line that FTX had with another market maker was $150 million.
Alameda had a credit line more than 4,000 times the size of FTX's biggest customer! And, as we all know, they were required to put up no collateral aside from worthless FTX crypto tokens. As usual, though, SBF is claiming a hazy memory about the whole arrangement.
Good luck with that. More tomorrow.
I had questions about his hair as well.
Like, what kind of hedge clipper does he use to get that effect?
RoboCut
Like a Roomba helmet.
Or does he just sleep in a football helmet and this is helmet hair?
"... more than 400 times the size of FTX's biggest.." (rather than 4,000).